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What is Payments Management Software in Insurance?

FINEOS Payments solution is a powerful benefit calculation and disbursement module designed specifically for the Life, Accident, and Health insurance market, built on one of the most technically sophisticated platforms available. FINEOS Payments seamlessly integrates with FINEOS Claims, FINEOS Absence and FINEOS Provider to help ensure accuracy and completeness while significantly reducing operational costs among policyholders, claimants and providers. 

Transform your Payments Management processing

Process everything from simple one-off payments (e.g. to beneficiaries on death claims) to complex, long-tail payments that change over time (e.g. disability / income protection claims).  Experience automated processes, full payment capabilities, and detailed audit trails of all financial movements.

Make the transformation now

Experience enhanced Payments Management

  • Improve efficiency, save time and reduce errors by automating manual tasks
  • Increase accuracy, reduce the risk of costly mistakes with automated payment processing
  • Enhance security, protect sensitive payment information with features such as data encryption

Benefits of FINEOS Payments

Integrate payments with claims management

When FINEOS Claims is integrated with FINEOS Payments, easily address medical rehabilitation services, inpatient care/invasive surgery, social security advocacy services, and identification of beneficiaries on death benefit claims. 

  • Benefit calculations for all insurance products
  • Manage external claim expenses
  • Combine payments cross-claim

FINEOS Claims Management

Integrate payments with absence management

  • Indexation of payment amounts
  • Process Paid Family Leave (PFL) claims payments
  • Manage recurring, one-off, or scheduled payments
  • Retroactive re-calculations

FINEOS Absence Management

Integrate payments with provider management

  • Align service contracts with payments
  • Capture and automatically review/pay invoices
  • Generate end-of-year financial statements for providers

FINEOS Provider Management

FINEOS AdminSuite

FINEOS Absence

  • Absence management software
  • Integrated with FINEOS Claims
  • Covered paid and unpaid leaves
  • Simplifies Compliance
Absence Management Software

FINEOS Billing

  • Billing management solution
  • Combined or separate bills
  • Reduced billing leakage
  • Automated cash application
Billing Management Solution

FINEOS Claims

  • Claims management software
  • Provides straight-through processing
  • Increases accuracy and compliance
  • Covers payments and return to work
Claims Management Software

FINEOS Payments

  • Payments management solution
  • Automated
  • Accurate
  • Payroll Continuity
Payments Management Solution

FINEOS Policy

  • Policy admin system
  • Set up cases quickly
  • Service all tiers and admin modes
  • Connect to digital ecosystem
Policy Administration System

FINEOS Provider

  • Provider management software
  • Drive outcome-orientated engagement
  • Manage service approvals
  • Accelerate rehabilitation and return to work
Provider Management Software

FINEOS Quote

  • Group insurance quoting software
  • Fast Life, Accident and Health quoting
  • Extend quoting to distribution
  • Comprehensive workflow
Insurance Quoting Software

FINEOS Rate

  • Group insurance rating software
  • Real-time data manipulation
  • Automated complex rating
  • Award-wining, patented technology
Insurance Rating Software

FINEOS Underwrite

  • Group insurance underwriting software
  • Integrated underwriting tools
  • Efficient collaboration
  • Comprehensive quote management
Insurance Underwriting Software

Payments Management Software Resources

FINEOS Payments Management Solution – Frequently Asked Questions

Payment Management Software for insurance is designed to help businesses automate and streamline their payment processes. It includes a range of features such as invoicing, payment processing, recurring payments, automatic payment reminders, and financial reporting.

A payments software solution like FINEOS Payments is a comprehensive payment and disbursement software solution designed specifically for the Life, Accident and Health insurance market. FINEOS Payments ensures the employee and all beneficiaries receive timely, accurate, and explained payments.

Your Payments Management Solution should have full payment capabilities and easily established payment preferences. FINEOS Payments seamlessly integrates with FINEOS Provider management and FINEOS Claims management.

Payments software solutions provide accuracy and productivity by using comprehensive pre-payment verification, automation of payment transactions, and automated payment calculation. FINEOS Payments increases transparency and reduces errors and reconciliation mistakes.

Payments management software can improve expense management by aligning service contracts to payments, using end-to-end invoicing and payments processing, and providing detailed reporting and end-of-year financial statements.

There are many ways a payments software could be used to simplify claims administration. A payments software solution should support multiple payment types, have death claims beneficiary tracking, rule-based exception routings for payment approvals and automated calculation for taxable benefit payments. FINEOS Payments integrates seamlessly with the FINEOS Claims management solution.

A payments management software solution like FINEOS Payments reduces time spent performing repetitive, but necessary payment reconciliation tasks. Easier recurring payments for customers and fewer payment related service inquiries builds increased confidence and trust with policy holders, carriers and service providers.

A payments software like FINEOS Payments is built on the one of the most technically sophisticated platforms available and is designed for the B2B2C model inherent in the Life, Accident & Health Group, Voluntary and Individual insurance market. It supports the most stringent security and regulatory requirements, and uses preconfigured workflow and case types across the suite.